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CREDIT PRE-MARKET: EUR Market Wrap

CREDIT PRE-MARKET
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  • 2y/10y bunds closed +3bp/-3bp at 2.01%/2.21% - DM team flagged the pullback in crude oil prices following reports of an Israel/Hezbollah ceasefire deal as having driven the afternoon’s rally, with the 5y5y EUR inflation swap 2bps lower.
  • Main/XO ended -0.2bp/flat at 57.4bp/308bp while €IG was +0.2bp at 1.06% (Corps +0.1bp at 1%, Fins +0.3bp at 1.14%, €HY flat at 3.36%) with Cycs the only sector tighter, driven by retailers. $IG was -0.2bp at 0.77% (Corps -0.3bp at 0.76%, Fins +0.2bp at 0.78%, $HY +4bp at 2.61%).
  • SXXP/SPX ended flat/+0.3% at 509pts/5987pts. €IG's biggest risers/fallers included ITV PLC (+9%), Kering SA (+6%), Commerzbank AG (-5%), UniCredit SpA (-5%).
  • SX5E/SPX futures are -0.8%/flat. Overnight team flagged that risk off gripped markets early on, as headlines crossed of Trump tariff plans against China, Canada and Mexico. The USD is firmer against all the major currencies except the yen which was helped by a stronger services PPI print. UST yields sit slightly higher.
  • Later the FOMC November meeting minutes are published and the ECB’s McCaul and BoE’s Pill speak. US September house prices, October new home sales, November consumer confidence and November Richmond, Philly and Dallas Fed indices print.

 

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  • 2y/10y bunds closed +3bp/-3bp at 2.01%/2.21% - DM team flagged the pullback in crude oil prices following reports of an Israel/Hezbollah ceasefire deal as having driven the afternoon’s rally, with the 5y5y EUR inflation swap 2bps lower.
  • Main/XO ended -0.2bp/flat at 57.4bp/308bp while €IG was +0.2bp at 1.06% (Corps +0.1bp at 1%, Fins +0.3bp at 1.14%, €HY flat at 3.36%) with Cycs the only sector tighter, driven by retailers. $IG was -0.2bp at 0.77% (Corps -0.3bp at 0.76%, Fins +0.2bp at 0.78%, $HY +4bp at 2.61%).
  • SXXP/SPX ended flat/+0.3% at 509pts/5987pts. €IG's biggest risers/fallers included ITV PLC (+9%), Kering SA (+6%), Commerzbank AG (-5%), UniCredit SpA (-5%).
  • SX5E/SPX futures are -0.8%/flat. Overnight team flagged that risk off gripped markets early on, as headlines crossed of Trump tariff plans against China, Canada and Mexico. The USD is firmer against all the major currencies except the yen which was helped by a stronger services PPI print. UST yields sit slightly higher.
  • Later the FOMC November meeting minutes are published and the ECB’s McCaul and BoE’s Pill speak. US September house prices, October new home sales, November consumer confidence and November Richmond, Philly and Dallas Fed indices print.